More on the Local Housing Market
1/3/08 The year starts with the biggest first-day-of-the-year stock market drop and $100 per barrel oil. What does this mean to the local real estate market? Not much unless it leads to contraction of the local Silicon Valley job market, leading to reduced buyer demand for real estate. Watch Valley job levels and regional consumer confidence as leading indicators of where the local real estate market is heading this year.
A final comment about following national and state real estate statistics: They are about as effective in understanding the local real estate market as a national or state weather prediction is for predicting local weather. The chance of their accuracy in your area is minimal. The Bay Area market, more often than not, behaves differently than the rest of the country. Our local economy and lack of housing supply are unique. Jeff Stricker